Last year was a productive year for gold and silver in China, where production of the valuable resources increased from the prior year's 6 percent and 8.3 percent, respectively, Bloomberg reports.
Gold's production grew to 615 metric tons and silver's climbed to 11,617 metric tons, according to China's National Bureau of Statistics. As the globe's largest producer of gold from mines, China produced 313 tons in 2009.
"China started opening up its gold market to domestic individual buyers in 2002," Shi Heqing, an analyst at Beijing Antaike Information Development, told Bloomberg.
National Bureau of Statistics data indicates the output of gold in China totaled 67 tons in December, when the production of silver reached 1,051 tons.
Many challenges are associated with estimating recycled gold, according to Ronald Wang, greater China's general manager at the World Gold Council.
"There's an increasing amount of existing jewelry and other gold products that can be recycled, though the actual amount is difficult to estimate," the Beijing Antaike Information Development analyst told the news service.
Shortly after 9:30 a.m. on Thursday, gold had slipped 1.63 percent, a $22.30 decrease to $1,347.90 per troy ounce.
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